Jul 14, 2017

Exclusive: Vista Equity selling another stake to Dyal

Tech-focused private equity firm Vista Equity Partners has agreed to sell a passive equity stake in itself to Dyal Capital Partners, a unit of Neuberger Berman that specializes in such transactions, Axios has learned from multiple sources.

  • This would be Dyal's second deal with Vista, following a mid-2015 transaction that valued Vista at around $4.3 billion. The new deal values Vista in the ballpark of $7 billion.
  • Dyal approached Vista about the new deal, after deciding the the earlier transaction included so much co-investment from Vista LPs that Dyal had become underweight. But expect Dyal to also syndicate this new transaction, given that it's said to be for around a 10% position (the group's latest fund closed in February on $3.7 billion).
  • Following the deal, Vista's Robert Smith remains the firm's primary owner with ultimate control rights. No comment from Smith or Vista, natch.
  • We're beginning to hear some LP gripes about these management company stake sales, particularly in situations where the proceeds go toward senior partner liquidity instead of being reinvested into the business. The big concern is that such deals could disincentivize younger partners, who now see less future upside while their share of current fees and carry remains static.

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U.S.-led coalition in Iraq withdraws from 3rd base this month

A soldier stands guard at the Qayyarah airbase in southern Mosul on March 26. Photo: Murtadha Al-Sudani/Anadolu Agency via Getty Images

The United States-led coalition in Iraq withdrew from K-1 Air Base in the northern part of the country on Sunday, AP reports.

Why it matters: It's the third site that coalition forces have left this month as the U.S. gathers troops in Baghdad and at Ain al-Asad Air Base.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8 a.m. ET: 679,977 — Total deaths: 31,734 — Total recoveries: 145,625.
  2. U.S.: Leads the world in cases. Total confirmed cases as of 8 a.m. ET: 124,686 — Total deaths: 2,191 — Total recoveries: 2,612.
  3. Federal government latest: Trump announces new travel advisories for New York, New Jersey and Connecticut, but rules out quarantine enforcement. Per CDC, those residents should "refrain from non-essential domestic travel for 14 days," with the exception of critical infrastructure industry workers.
  4. State updates: Alaska issues a stay-at-home order — New York tries to nearly triple hospital capacity in less than a month and moved presidential primary to June 23. Some Midwestern swing voters who backed Trump's initial handling of the virus balk at call for U.S. to be "opened up" by Easter.
  5. World updates: In Spain, over 1,400 people were confirmed dead between Thursday to Saturday.
  6. 🚀 Space updates: OneWeb filed for bankruptcy amid the novel coronavirus pandemic.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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The year of the protest meets the year of the lockdown

Hong Kong demonstrators protest a government ban on face masks in October. Photo by Laurel Chor/Getty Images

The year of the mass uprising has collided with the year of the coronavirus lockdown, leaving protest movements around the world stalled. 

The big picture: The enduring images of 2019 are of protest — from Hong Kong to Khartoum, across the Middle East and through much of Latin America. Seemingly overnight, though, social distancing has made such mass demonstrations almost unthinkable.

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